'Start-up India' initiative is landmark moment: FICCI

"It is indeed a landmark moment and a major shift as we are looking at an unshackled regime where the government would merely be a facilitator of the entrepreneurship in the country that would provide employment for our large young population," said FICCI president Harshvardhan Neotia.IANS | January 18, 2016, 08:45 IST

NEW DELHI: Leading Indian industry body, the Federation of Indian Chambers of Commerce and Industry (FICCI) and other business associations on Saturday termed the 'Start-up India' initiative as a landmark moment.

"It is indeed a landmark moment and a major shift as we are looking at an unshackled regime where the government would merely be a facilitator of the entrepreneurship in the country that would provide employment for our large young population," said FICCI president Harshvardhan Neotia in a statement.

He expressed confidence that with 'Start-up India', the ecosystem has been envisioned and incentive put in place for large number of young entrepreneurs in the country to come forward with innovative start-ups.

FICCI sent a 100-member delegation of young innovators and startups to participate in 'Start-up India' initiative launched by Prime Minister Narendra Modi, the statement said.

India Electronics and Semiconductors Association (IESA) president MN Vidyashankar said: "We are elated by the fact that India has the third-largest number of startups globally. IESA applauds the government to be a facilitator to build the start-up nation. With the government's support, a start-up can be built in a day which will definitely motivate many young entrepreneurs."

He highlighted Modi's announcement of legal support for filing patents at free of cost and 80 percent reduction in patent fee would boost the confidence of entrepreneurs.

"The action plan of a corpus of Rs.10,000 crore made through a Fund of Funds is a major and important decision taken by the government which would enable an entrepreneur to startup from the non-urban areas of India as well," said Vidyashankar in a statement.

National Skills Development Corporation (NSDC) CEO Jayant Krishna said: "This is just the beginning, we will see start-ups driving the social economic growth. Start-up India offers immense opportunity to the youth where the government is also assuring them the ease of doing business."